Nordic Capital-backed Qred completes merger with Liberis
Liberis, an embedded small business finance platform, has merged with Qred, a regulated European digital bank, to form a group serving more than 60,000 small businesses.
Qred and Liberis have merged, with the transaction completed in November 2026 following regulatory approval. The combined group serves more than 60,000 small businesses across 17 countries and has access to about 11.5 million addressable merchants. Emil Sunvisson leads the group as Group CEO, with Rob Fairfield as Deputy CEO, and Nordic Capital remains invested in the combined business.
Qred, which Nordic Capital Evolution I invested in during 2021, is a regulated European bank offering direct lending to small businesses. Liberis reaches businesses through partners including Deliveroo, Vagaro and Nexi. The companies said the merger combines Qred's banking infrastructure and direct relationships with Liberis's embedded distribution, with plans for term loans, revenue-based financing, working capital and cards.
Nordic Capital partner Emil Anderson said the combined company has the potential to become a leading platform in SMB finance internationally.
Deal facts
- Target
- Liberis
- Business
- Embedded finance platform providing financing to small businesses through software providers, marketplaces and payment platforms across Europe, the UK and North America
- Buyer
- Qred
- Sponsor
- Nordic Capital
- Deal type
- Merger
- Status
- Completed
- Announced
- Monday, November 2, 2026
Sources
- Nordic CapitalNov 2, 2026
Written by Buyout Desk from the sources above. Spotted an error? Email corrections@buyoutdesk.com.